Coinbase Global Inc. has registered with India’s Financial Intelligence Unit, securing approval to operate trading services in the country, Reuters reported.
The American cryptocurrency exchange plans to launch its retail trading platform in India later this year, with further investments and an expanded range of products to follow, according to a statement released on 11 March.
This marks Coinbase’s second attempt to establish a presence in India. In 2022, the company integrated with India’s Unified Payments Interface (UPI), enabling customers to purchase cryptocurrencies in rupees. Just three days after the launch, however, Coinbase was forced to suspend the service when the entity that oversees the UPI stated that it had no knowledge of any digital asset exchange utilising the network.
Coinbase reports that India’s share of global blockchain developers surged from 3% in 2018 to 12% in 2023, giving the country the highest concentration of blockchain specialists among emerging markets and positioning it as a key strategic focus for the exchange operator.
In 2022, India introduced a 30% tax on all income derived from digital assets. As regulators became increasingly cautious about cryptocurrencies, domestic trading volumes plummeted, with high-frequency traders and market makers withdrawing from local exchanges.
‘India is one of the most promising market opportunities globally, and we are proud to strengthen our investment here while fully complying with local regulations’, said John O’Loghlen, Coinbase’s regional managing director for the Asia–Pacific.
Coinbase has now joined other crypto exchanges, including Binance, Bybit, and KuCoin, in registering with India’s Financial Intelligence Unit to provide trading services, despite the country’s stringent tax regulations on digital assets.
Founded in 2012, Coinbase Global Inc. is a leading cryptocurrency exchange headquartered in San Francisco, California. The company provides a platform for buying, selling, and storing digital assets, offering services to both retail and institutional investors. Coinbase is known for its user-friendly interface, secure transactions, and expanding global presence in the crypto industry.